GE Again Denies Report Of $38B Accounting Fraud

Law360 (August 19, 2019, 6:34 PM EDT) -- General Electric Co. on Monday again pushed back against allegations by well-known whistleblowers who accuse the conglomerate of a $38 billion accounting fraud executed in part by hiding losses from its insurance business, saying the state of its current reserves is sound.

GE has been on the defensive in the wake of a 175-page report alleging accounting shenanigans released last week by independent fraud examiner and forensic accountant Harry Markopolos — who is known for raising early warnings about Bernard Madoff's massive Ponzi scheme — and fellow financial investigator John McPherson.

The report contends GE is hiding $29 billion in losses...

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